Overview
What is Housing Opportunities Inc?
Housing Opportunities Inc, located in Greensboro, North Carolina, is a nonprofit organization committed to addressing housing needs within its community. Established with the purpose of acquiring, constructing, rehabilitating, and managing affordable housing for elderly and low-income families, the organization operates its wholly-owned properties and corporations. In addition, Housing Opportunities Inc participates in various partnerships, providing affordable housing to eligible low-income individuals and families. Furthermore, the organization shows its dedication to community welfare by granting funds to local non-profit organizations. In essence, Housing Opportunities Inc's mission is centered around promoting social welfare and fostering the development of low- and moderate-income housing for elderly and low-income families.
What are the reviews and ratings of this charity?
Charity Navigator Rating 67% - Two-Star out of Four Star Rating
Housing Opportunities Inc has received a Two-Star rating from Charity Navigator, reflecting a score of 67%. This rating is based solely on its Accountability & Finance performance, highlighting both strengths and areas of concern within its financial practices. The organization excels in several key areas, including having a fully independent board with 85% of members being independent, and it has achieved a high program expense ratio of nearly 95%, indicating that a significant majority of its resources are devoted to its mission.
However, the nonprofit's overall financial health appears to be a concern, as indicated by a low score in the Liabilities to Assets Ratio, which stands at 74.31%. This suggests that the organization may have a heavy debt load relative to its assets, potentially impacting its long-term sustainability. While it maintains a transparent approach by documenting board meeting minutes and having audited financial statements, the high liabilities may warrant further scrutiny for potential financial stability issues.
In conclusion, while Housing Opportunities Inc demonstrates strong accountability practices and a commitment to programmatic expenses, the financial leverage indicated by its liabilities could pose challenges for the organization moving forward. Stakeholders and potential donors may want to consider these factors when assessing their support for the nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Housing Opportunities Inc legitimate?
Housing Opportunities Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Housing Opportunities Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $33,660
Professional Fundraising Fees: $0
Other Salaries and Wages: $113,194
For more financial information, click here
What is the mission statement of Housing Opportunities Inc?
Housing Opportunities Inc's mission is centered around promoting the general social welfare of the community and fostering the development of affordable housing for elderly and low-income families. The organization actively acquires, constructs, rehabilitates, and operates low-income housing units for this demographic. Operating its own properties and corporations, Housing Opportunities Inc also participates in partnerships to provide affordable housing to eligible low-income individuals and families. In addition, the organization contributes to the community's social welfare by granting funds to local non-profit organizations.
Who is the CEO of Housing Opportunities Inc?
Terri M Gunn is the President of Housing Opportunities Inc.
What is the revenue of Housing Opportunities Inc?
Housing Opportunities Inc's revenue in 2022 was $2,491,705.
Who are the executives of Housing Opportunities Inc and what are their salaries?
The average compensation at Housing Opportunities Inc during 2022 was $146,854. There is 1 employee and 6 volunteers at Housing Opportunities Inc.
Here are 7 key members and their salaries:
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- Other: $0
- Compensation: $33,660
- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Where can I find the form 990 for Housing Opportunities Inc?
Housing Opportunities Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Housing Opportunities Inc
Housing Opportunities Inc, a nonprofit organization, is dedicated to promoting the general social welfare of its community and fostering the development of affordable housing for elderly and low-income families. The mission of this organization is multifaceted. It involves acquiring, constructing, rehabilitating, and operating low-income housing units specifically designed for the elderly and those with limited income. Housing Opportunities Inc operates its own properties and corporations, in which it holds the majority stock. Furthermore, the organization extends its reach by partnering with other entities to provide affordable housing options for qualifying low-income individuals and families.
Beyond its housing initiatives, Housing Opportunities Inc also strives to contribute to the social welfare of its community by granting funds to local non-profit organizations. By doing so, the organization supports various causes that align with its mission, ultimately benefiting the community as a whole. In this manner, Housing Opportunities Inc demonstrates its commitment to improving the living conditions of low-income families and contributing positively to its community.
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Impact
July, 2024
Housing Opportunities Inc's impact is significant in providing affordable housing to elderly and low-income families. By acquiring, constructing, rehabilitating, and operating low-income housing properties, the organization directly addresses the critical need for accessible housing. Additionally, through partnerships and grants to local nonprofit organizations, Housing Opportunities Inc also promotes social welfare within the community. Overall, their work contributes to fostering the development of low and moderate-income housing, thereby positively impacting the lives of many individuals and families.
This information is meant to be a general summary of Housing Opportunities Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $5,820
- Program Service Revenue: $1,049,989
- Gross Receipts: $2,493,530
Assets and Liabilities:
- Total Assets: $8,961,253
- Total Liabilities: $6,659,880
- Net Assets: $2,301,373
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
APARTMENT RENTALS
Revenue
$592,092
INCOME FROM DISTRIBUTI
Revenue
$173,338
K-1 RENTAL INCOME
Revenue
$152,620
DEVELOPER FEES
Revenue
$109,668
INTEREST INCOME N/R
Revenue
$22,271
Organization Details
Founding Year
1991
Phone
(336) 544-2300Principal Officer
Terri M Gunn
Main Address
PO BOX 26405, GREENSBORO, NC, 274046405
NTEE Category
Code: L200 - Housing
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